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Starwood Completes Sale of Timeshare Loans

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Published on 09/11/11 - Updated on 17/03/22

Starwood Hotels & Resorts Worldwide, Inc. completed a securitization involving the issuance of approximately $200 million of fixed rate notes by its affiliate, SVO 2011-A VOI Mortgage LLC.

The notes were offered in a private placement within the United States to qualified institutional buyers pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. Starwood contributed approximately $210 million in timeshare mortgages resulting in an advance rate of 95% with an effective note yield of 3.70%. The proceeds from the transaction will be used for general corporate purposes.Starwood states that their press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.Starwood states that their press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

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